First of all, I would like to define what short sale means. The word "short" sale literally means sale that is shorten. Yes, a short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. The customer agrees to take less than the amount owed on the debt, in return for the sale of the property to a third party.
Who qualifies for short sale? Below are the lists of customers that can apply for short sale:
- Currently facing Foreclosure
- Wants to postpone Foreclosure and Deficiency Judgments
- Denied a modification
- Wants to Dispose Your Debt and Avoid Future Collections
- And more!